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Archive for the ‘Nelson Property Market Factsheet’ Category

The Nelson region Property Market factsheet for July 2010 can be downloaded by clicking this icon.

Property sales in the Nelson region took a sharp adjustment in June. Following on from strong sales in past 4 months the seasonally adjusted sales fell 28% in June. There were 98 sales in June compared to 158 in May. The first half of 2010 has seen 796 sales compared to 884 in the same 6 month period of 2009.

Despite the fall off in sales the inventory of properties on the market in June fell again from May. In June the inventory of houses on the market was 26 weeks down from 29 weeks of equivalent sales in May. This level of inventory is now below the long term average of 28 weeks. This would indicate that the market is fairly well balanced with if anything a favourable position for property sellers.

Property prices for the Nelson are included in the broad Nelson / Marlborough regional median property price, in June this price was $347,250 up 4% on June 2009.

Property sales in the Nelson region are certainly bucking the national trend showing on a seasonally adjusted basis three consecutive months of growth. In May on a seasonally adjusted basis there were 154 sales.

This rise in sales showed directly in a decline in the inventory of houses on the market. In May the inventory fell from 34 weeks of equivalent sales in April to 29 weeks in May. This level of inventory is consistent with the long term average of 28 weeks. This would indicate that the market is fairly well balanced between buyers and sellers.

Property prices for the Nelson are included in the broad Nelson / Marlborough regional median property price, in May this price was $330,000 down very slightly by 0.1% on May 2009 price.